If you’re a director grappling with financial challenges but unwilling to compromise on control, small business restructuring could be the ideal solution. Whether you’re seeking to restructure debt, streamline operations, or explore new growth opportunities, restructuring empowers you to chart the course for your company’s future.
Discover how small business restructuring can empower you to regain control and drive your business forward. Contact us today to explore your options and embark on the path to financial resilience.
Empowerment. Control. Resilience. Small business restructuring puts the power back in your hands
Use our 30-second eligibility assessment calculator to find out if your business meets the minimum criteria necessary to be eligible for a restructure.
Our specialist will reach out to assess the viability and suitability of restructuring for you and your business..
We assess your financial standing, including accounts, income, liabilities, debts, and creditors.
Once you meet the qualifications and agree to move forward, you officially engage us as your restructuring practitioner.
Upon your appointment, we initiate the process of restructuring
Small business restructuring is available to currently incorporated companies with liabilities totaling less than $1 million, excluding employee entitlements. To be eligible, all tax lodgments must be up to date, meaning directors have fulfilled their obligations under taxation laws.
Under the restructuring plan, all unrelated employee entitlements must be settled before presenting the plan to creditors. Directors are also required to declare certain company transactions and provide reasonable grounds for believing they qualify for restructuring.
Restructuring is a one-time opportunity within a seven-year period for both the company and its directors. It is excluded if the company and directors have engaged in similar processes within the same timeframe.
Directors may opt for restructuring to salvage their business by managing company debt while retaining control over operations and creditor relationships.
While primarily targeted at companies, restructuring is also accessible to other incorporated entities such as registered clubs has to have commisioners approval. However, they, do not have a comparable option under personal insolvency regimes.
Directors must acknowledge the company's insolvency or potential insolvency and resolve to appoint a restructuring practitioner.
Within five business days of initiating restructuring, directors must provide a signed declaration to the practitioner, confirming eligibility, any voidable transactions, and reasonable grounds for eligibility.
Directors can continue normal business operations throughout the restructuring process, which typically spans up to 35 business days and comprises two phases:
Proposal Phase: Directors and external practitioners collaborate on a plan over a period of up to 20 business days.
Acceptance Phase: Creditors are given up to 15 business days to vote on and approve or reject the proposed plan.
I was very hesitant at first to trust any one with my financial future, however 2 years on and I can say the stress, tears and fears of having no future are over!!I got to a very dark place over debt,however now it’s settled and I can breathe again!!I cannot overstate the caring, humane and genuine experience I have had working with Laurence.I would definitely recommend
Trust the Process and Dont be hesitant! I had fallen victim of a Scam and a loan of 40K with 17% Interest rate by CBA during pandemic which resulted me to look for a debt negotiator. I had 50K Gross yearly salary at that time due to Job Keeper. I have found credit reboot and due to my scam experiences at first I was hesitant to deal with someone virtually. They however have given me monthly updates to keep me at peace. The process took nearly two years for me as CBA sold my debt to 3rd party however the great news came about that CBA took back the loan amount for me and waived my entire debt - without impacting my credit report. I worked hard with two jobs to be able to save up an amount I assumed payable once negotiaton end but due to debt waiver I am now able to allocate this funds to something more important. I can now finally put the debt and scam memories past behind me and start again.
Debts reduced or cancelled with great service! I engaged credit reboot to manage my excessive credit card debt. I’ve repaid most at a significant debt reduction or payment plan. Thanks for the excellent service!
GREAT OUTCOME !!! Had a great experience. Dyan was very helpful and keep you posted from time to time. It takes a bit of time for negotiations, but there's a great results at the end. Highly recommended! Thanks for all your help.
Excellent service and support with an outstanding outcome
Great results! Is been a long process due to the virus, but thank God now everything is getting sorted out. I had few cards that I had to pay but cause of the virus I could not work for few months then I got sick and could not work at all. They arrange up to now 3 of my cards. One I had to pay only $1340 on dept of $6000. Second one monthly payment of $66 on depth of $6000. The best one was the third one they erased my debt of $4000 completely. One more to go. I am grateful for their help.
Fast and efficient! Thanks for your amazing service! Mark was so efficient in finding a fast solution for my business needs. Very grateful!
Great debt negotiators! Very helpful and friendly team who were able to find resolutions to all of my debt.
Fantastic Service and Support! The staff have been so helpful and supportive with excellent results to sort out my situation
Brilliant service! Said exactly what they would do neg and saved me money
